If you run a business, you’ve had a great employee leave, usually with not much notice. What does this loss cost the organization? Here are several points to consider:
1. Culturally: Others in the company wonder if they should leave or what “writing” they saw on the wall. Will the replacement “fit-in” to the company? Competition and jockeying will start taking place as others vie for the position.
2. Financially: Most great employees have relationships with key customers or suppliers. These relationships may follow them to their next place of employment. What is the cost to hire the replacement in management time, contractors, testing and outside resources?
Most times, a great employee who is strategic to the organization will stay if a little more effort, caring and coaching are directed towards them.
Here are the eight reasons employees leave:
1. Management’s tolerance of poor performing co-workers.
2. Poor on-boarding
3. No clear path of advancement
4. Difficult communication
5. No clear expectations
6. Supervisor is not qualified to lead them
7. Broken promises
8. Toxic work environment
To combat this problem
1. Start at the beginning when you hire employees…only hire the best! To start, read the book “Who” by Geoff Smart: http://geoffsmart.com/
2. Look at your existing team, do you have problems between the key people? Here is a great resource in Pat Lencioni’s books: https://www.tablegroup.com/
3. Have a clear and concise on-boarding program. Here is a link to a great template: https://hru.gov/Studio_Recruitment/tools/Onboarding%20Checklist%20for%20Hiring%20Managers%20Template.pdf
4. If you make a promise, keep it – it’s not rocket science.
5. Employee Promoter Score – One simple question: “On a scale of 1-10, would you enthusiastically recommend our company to your friends and family as a great place to work?” Any score less than 8 means you have problems.
6. Employees need to know what is expected of them and how they are measured.
7. Assign a mentor to each employee who helps guide them on their advancement path.
8. 360 reviews of supervisors by the employees.
C-suite execs and management should routinely spend one on one time with people outside of their supervision. Maybe share a meal or a cup of coffee with co-workers to get their feedback on changes the company could make.